The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1887-11-23
STILL the LOAN.

NJ the Engllsh Loan IN TINS evenings
paper, hut there is Que stray shot
Comments are unnecessary. Now
/ think, when a man of Mr.. Joncs's
pretensions makes such a statement
in public, that it is necessary for
somebody TO comment upon it, if
only in the interests of common
sense and fair play.
cannot think that the head of
one of our leading mercantile houses
does not know and appreciate the
difference between five dollars and
one pound. 1 am therefore con-
strained to suppose that he is trying
to mislead the less rejecting of your
readers, when he says that the Ha-
waiian Government borrowed "Sl,-
$1,000, (f200, OOO)" in the Lon
don market. The entry-"Loss on
Exchange" etc.-requires just the
same comment. ] am pretty sure
that if Mr.. Jones had &c, 900 to send
to England, he would not give
$50, 900 for it, Why then, should
he assume that the Minister of
Finance is not as well informed on
such a subject as he is?
Allowing that Matheson & Co.
are going to charge % per cent for
handling this loan, by what kind of
reasoning does Mr.. Jones arrive at
30 years as the probable life OF the
bonds. IL has been explained that
by good management and prompt
payments, it is quite possible, not to
say very likely, that at the expira-
ton of ten years, that portion of the
National Debt, held in London, may
be refunded at ) per cent or less.
This and much more has been ex-
planned, in vain, to the p. G. Jones
people; they hammer away, think
ing, apparently, "that they shall be
heard for their much speaking"
l have been student of this loan
business, and you we're good enough
to publish some views of mine late
ly, differing, as has appeared, from
those of the Supreme Court. l am
content TO err in company with the
Solicitor to the Committee of the
London Stock Exchange.
A sorrier spectacle than the atti-
tude of the minority in yesterdays
Legislature, as reported in to-day's
papers and sent abroad for the de-
location of our friends, it would be
hard to conceive.
One honorable member suggested
sending an agent to London to
treat-wth whom? One member is
reported to have said: ave have
had Els, 900 stolen from u.s." |
can smell the foul gas escaping from
that statement, which would mean,
if it meant anything, that Matheson
& Co. the issuing bankers the issu-
ing brokers; the British Govern
ment, who imposed the usual tax of
per cent; and the Financial
Agents, who have tempted Bankers,
Brokers, and Government to sin,
were all thieves. l invite the honor
able members attention to the
above proposition, and l will state,
for his special information, what has
been stated so often, that the Syn
dictate agreed to INSURE the Loan at
SO for 5 per cent. 1t is beyond the
power of any Syndicate to place,
unaided, a loan on the London
Stock Exchange; that requires an
Issuing House, an Issuing Broker,
and the approval of the Stock Ex-
change Committee, and great deal
of good management, in the case of
a new loan to on unknown country
like ours. sis not the laborer
worth of his hire2"
Another honorable noble "not
accustomed to speech making"
signed first the Majority and after
wards the Minority, report of the
Bonds Committee. wonder who
wrotejthat speech
Then the representative of the
"horny handed sons of toll" takes
the floor, and says the London pub
lie has been swindled. What
blessing for the modern Balbeylon
that "poor little Hawaii" asked for
merely poor little f200, 900; for if
all the Hawaiian Bonds applied for
could have been allotted, those poor
fools of investors would have been
gulled to twenty times that amount
Mr.. Editor, the rubbish spoken in
the Legislature yesterday is a sad
commentary on the efficacy of the
ballot-boX, as a means of selecting
rulers. Fortunately, there is some
financial foresight amongst us, how
ever, and Mr.. Green's statement, to
the effect that one of the largest
financial houses in the city wishes to
have its bonds changed from dollars
to pound sterling at the rate of S.
to the pound, is more eloquent than
reams of correspondence.
S. L. B.
Honolulu, 22nd Nov, 1887.